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Bitcoin medium-term analysis: Is local bottom near?

Looking at Bitcoin through technical analysis, the local bottom might be near. However, the current recession could draw Bitcoin even lower.

Whereโ€™s the Bitcoin bottom? This is a billion-dollar question that many investors ask themselves. Several indicators point to a possible bottom soon, so letโ€™s find out where that might be through a multi-timeframe analysis.

Bitcoin analysis – monthly

Letโ€™s start with a monthly timeframe to get the best perspective of where Bitcoin might go in the future.ย This chart clearly shows the potential bottom area.ย Itโ€™s a little below the all-time high (ATH) level from 2017, between $14,000 and $20,000. As Fed is expected to raise interest rates even more, a new low could be created in the next few months.

Related article:ย How will Bitcoin surprise us this time?

However, if Bitcoin goes below $14,000, it could mean a serious threat to the whole crypto industry. The two last most significant bear markets took place in 2014 and 2018. Both times, Bitcoin fell by approximately 80% and the price decline lasted about a year.ย 

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I got into financial markets by accident in 2012 and started with Forex trading. Later in 2017, I started investing in stocks in cryptocurrencies and began writing articles profess...

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